Requesting assistance

To receive assistance through the Innovation Hub you must submit an assistance request form. In order to apply, it is important to consider how the law might apply to your innovation and appoint the correct person from your business to input into your application. The 5 step application process is explained below.

ASIC will consider all requests for informal assistance through the Innovation Hub and aims to help as many businesses as possible. Whether we are able to offer your business assistance will depend upon the extent to which you are able to meet our eligibility criteria.

Before you request assistance, please review ASIC's published guidance and think about how the law might apply to your innovation. This will help us help you more effectively.

To request our assistance please complete the following form:

Assistance request form

Your answers to the questions in this form will help us to understand your business, and the type of help you need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

To complete your application you will need to seek input from someone within your business with responsibility for the significant day-to-day decisions about the financial services you offer.

Submit any questions and your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

Assistance process

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Your submission

Submit your Innovation Hub assistance request form

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ASIC's assessment

We assess your request against the eligibility criteria and will provide a response in about one week

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ASIC's response

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We need more time

  • We require more time to assess your request
  • You will be kept informed of any progress.
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We need more information

  • More information is needed to assess your request
  • We will discuss what information is required with you by email
  • Once the information is provided, the assessment will continue.
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Does not meet criteria

The eligiblity criteria has not been satisfied.

  • An explanation will be provided and we will refer you to any relevant ASIC guidance that may support you moving forward
  • Once your business idea is more defined, reconsider
    applying for assistance.
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Meets criteria

Your request is eligible for assistance

  • Informal assistance will be provided by email

OR

  • A face-to-face or phone meeting will be held within 2–3 weeks from making your request, subject to availability.

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Your next step

Once you have considered any assistance or guidance from ASIC, you will need to work out how you will comply with any laws that apply to you. Your next step may include:

  • Operate as an authorised representative of another business
  • Make changes to your business model in light of assistance provided
  • Make a waiver application
  • If you already hold an AFS licence, meet compliance requirements (eg. register scheme or complete disclosures).
  • Make a formal licence application

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Your application

If you choose to make a formal application

ASIC's licensing team assigns a dedicated analyst to your application.

Timing

Typically, the process to request assistance through the Innovation Hub takes up to four weeks, but varies depending on the complexity and quality of your application.

Next steps

Your assigned Innovation Hub analyst will then assist you by providing informal advice as you prepare your licensing application and streamline the process as much as possible. They will provide support for 12 months once you have been licensed to help you understand your obligations.

To do

  1. Download the Innovation Hub assistance request form
  2. Address the eligibility criteria
  3. Read our information on licensing and regulation
  4. Appoint a suitable contact within your organisation
  5. Direct any questions to the Innovation Hub team
  6. Submit your assistance request form

Related links

Subscribe for updates

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innovationhub@asic.gov.au

News

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ASIC broadens fintech cooperation with Canadian regulators

12 December 2017

ASIC has announced a Cooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.

Read the media release

ASIC’s regulatory sandbox proposal to remain unchanged

12 December 2017

ASIC has today released a review of its regulatory sandbox, introduced in December 2016.

Read the consultation paper

ASIC closure over the festive season

6 December 2017

ASIC offices will be closed from 5.00pm on Friday 22 December 2017 to 8.00am on Tuesday 2 January 2018. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.

We encourage businesses to have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Tuesday 12 December 2017 in order to be considered before the shutdown period.

Dubai and Australia seal agreement on fintech cooperation

23 November 2017

The Dubai Financial Services Authority and ASIC have signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Read the release

More news

Events

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Stay informed

For information on what is coming up, sign up at innovationhub@asic.gov.au.

Videos of our recent RegTech showcase now available

Session 1, Session 2.

 

Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Last updated: 13/09/2016 02:56